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FDIC Guidance on Bank Brokered Deposits

Understand how a bank or broker should navigate some of the most common pitfalls in applying FDIC regulations to your business.

Almost $2 trillion of customer funds are currently maintained in deposit accounts at FDIC-insured banks that are offered by and held through registered broker-dealers and banks that act as deposit brokers. These brokered deposits are, on one hand, a core investment and savings product for retail investors and other customers of financial services firms, and, on the other, a significant source of funding for banks, which can access a nationwide capital market by attracting or tapping into brokered deposits. A year ago, the FDIC made the most far-reaching changes to the definition of deposit broker since its brokered deposit regulations were adopted in 1992. These amendments, among many other changes, expand existing exceptions to the deposit broker definition and create several new exceptions. In this course, you will get an overview of the new brokered deposit regulations, learn guidance the FDIC staff has provided about them, and understand how a bank or broker should navigate some of the most common pitfalls in applying these regulations to your business.

66 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background: The Brokered Deposit Market

  • Definitions and Statutory Exemptions
  • Discussion of Brokered Deposits Markets (CDs/Bank Liquidity/Sweeps)
  • Consequences of Brokered Deposits (Call Reports/LCR)

Longstanding Issues in the Brokered Deposit Regulatory Regime

  • Brief History (Emergence of Definition; FDIC's Evolution and Studies)
  • Common Issues Encountered:
    • PassThrough Insurance
    • General Securities Laws Issues/Structure
    • SEC Sweep Guidelines

New Regulations

  • Summary of Rules and Requirements, With a Focus on Key Practice Points
    • Notice Requirement for 25% and Facilitating Payments Exceptions
    • Matchmaking
    • Assets Under Administration and Business Line Definitions
    • FDIC DeEmphasis on Fees
    • Other New PPE Exceptions
    • Exclusive Deposit Placement Arrangements
    • Other Issues
  • New FAQ Guidance
  • A Year on, Tension Between the Final Rule and Subsequent FDIC Staff Interpretation of the Rule

Trends and the Future

  • Fintech Products/Neobanks
  • In-House Broker Sweep Programs
  • Increase in Interest Rates = Return of CDs?
  • Stablecoins
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on February 28, 2022.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.0
     
  • Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.1
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
     
  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • IL CLE 1.0
     
  • This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • IN CLE 1.1
     
  • This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.1 hours of Distance Education credit.
     
  • MO CLE 1.3
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MS CLE 1.1
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.1 credit hours.
     
  • NC CLE 1.0
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.0 CLE hours.
     
  • ND CLE 1.0
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
     
  • NH MCLE 1.1
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 66 Minutes.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • NM CLE 1.1
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.1 hours of credit.
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • OH CLE 1.0
     
  • This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.0 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • VA CLE 1.0
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.0 CLE credit hours.
     
  • VT CLE 1.0
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 1.3
     
  • This program qualifies for 1.3 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • NJ CLE 1.3
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • VT CLE 1.0
     
  • WV MCLE 1.3
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Nathan Brownback

Nathan Brownback

Seward & Kissel LLP

Nathan S. Brownback

  • Associate in Seward & Kissel’s Financial Services Regulatory Group, in their Washington D.C. office
  • Practice focuses on the regulation of domestic and foreign banks, with particular emphasis on the regulation under the Dodd-Frank Act, including the Volcker Rule
  • Co-authored the United States chapter of the 2022 edition of Lexology, Getting the Deal Through: Fintech, which provides a summary of key aspects of United States fintech law, and he is a contributor to Seward & Kissel’s Cryptocurrency and Blockchain blog, SKrypto
  • Served as a law clerk for Judge Richard T. Morrison on the U.S. Tax Court
  • Prior to receiving his law degree, he was an economic research analyst, first in the private sector and subsequently for a regional Federal Reserve Bank
Casey Jennings

Casey Jennings

Seward & Kissel LLP

  • Member of Seward & Kissel LLP’s Financial Services Regulatory Group and Blockchain and Cryptocurrency Group in their Washington, D.C. office
  • Regularly provides legal aid to clients with respect to financial matters such as deposit issues, lending services, state and federal licensing and registration, anti-money laundering, custody, transfer, payments, and liquidity issues, and the Bank Holding Company Act
  • A primary focus of his practice is structuring new financial products, including FDIC-insured deposit products (including brokered deposits and deposits exempt from classification as brokered) and virtual financial products (including securities tokens, utility tokens, and stablecoins)
  • Joined the firm from the Consumer Financial Protection Bureau where he developed and implemented a financial regulatory policy with a focus on unfair, deceptive, and abusive acts and practices (UDAAP), electronic fund transfers, truth in lending, qualified mortgages, fair credit reporting, and data privacy and security
  • Law clerk for the Honorable James C. Turk, Senior United States District Judge for the Western District of Virginia
  • Contributor to Seward & Kissel LLP’s Cryptocurrency and Blockchain blog, SKrypto, and also moderated the firm’s recent Blockchain Symposium
  • Co-authored the United States chapter of the 2022 edition of Lexology Getting the Deal Through: Fintech, which provides a summary of key aspects of United States fintech law
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 409433
Published 2022
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